If you’re a small business owner or a contractor, then you may have come across the term General Liability Insurance. The truth is that there’s so many terms, coverages, and acronyms out there, but here at Contractors Mark, we’ll help you understand and get the best insurance for your business benefit.
Due to life’s unpredictable nature, it’s always best to get the best protection for you and your business. General liability insurance coverage, also known as general liability commercial insurance, protects you and your employees from the unexpected events. This type of insurance works best if the nature of your business requires you to regularly meet up with customers in a face-to-face setting, when you use a client’s equipment, uses third-party locations for business activities and when you visit a client’s workplace or vice versa.
General liability insurance (GL) is often referred to as business liability insurance. This coverage protects your business from a wide range of claims by working as a safety net against the following:
GL protects 3rd party locations and property from damage during business operations. One good example is when a stone is kicked up by the use of a lawnmower and breaks a customer’s window. The landscaper’s policy will cover the damage incurred by the stray stone.
Business liability insurance protects you and your business from incidents that cause bodily harm to a 3rd party. One example is when a customer slips, falls and hurts herself on your establishment, or when an employee accidentally drops hot soup on someone. You must keep in mind that this coverage only covers non-employees.
ADVERTISING INJURY AND PERSONAL INJURY
Sometimes non-physical injury happens, such as when verbal or written accusations are thrown around and cause harm, chances are that it could be covered in the GL policy. Usual non-physical injuries such as malicious mischief, slander, libel and copyright infringement are a few examples. Small businesses can sue competitors in the event they feel their profitability and reputation were harmed.
DAMAGE TO RENTED PREMISES
A small business rents out a property that gets flooded due to an employee’s negligence. In some cases, general liability covers the damages as the company caused the flooding.
Medical costs may be covered if a person gets injured at your business establishment.
General liability may cover legal fees in the event that an incident turns into a lawsuit, such as an attorney representation regardless of who’s at fault.
Generally speaking, the higher the risks of the nature of your business, the more coverage you’ll need. Some clients and employers may require contractors to have general liability coverage before starting any kind of work agreement. It’s certainly a good idea for new businesses to take a look at insurance options and consider getting a free quote on general liability insurance.
CALL CONTRACTORS MARK FOR THE INSURANCE THAT WILL BEST SUIT YOUR NEEDS
At Contractors Mark we can ensure that you have the right general liability coverage according to your needs, your contractual requirements, and level of exposure. Protect your business and safeguard your livelihood. Call us to learn about the many different coverage options available for you and your specific situation.